What do Amazon warehouses, mom-and-pop tenants, and crab processing plants have in common? Gregg Gruehl reveals the unseen forces driving America’s industrial real estate boom. In this episode, Gregg shares why the world of industrial investments remains a mystery to many retail investors, how co-sponsorship accelerates development, and why due diligence in this space demands more than spreadsheets. Plus, you’ll hear his firsthand stories of navigating unpredictable deals and the surprising challenges behind triple-net leases.
Guest Bio
Gregg Gruehl is an industrial real estate entrepreneur specializing in value-add and ground-up developments. His experience spans major players like Link Logistics (Blackstone’s platform) and Stag Industrial. Today, he co-sponsors projects across the Midwest, leveraging his deep operational background and extensive brokerage network to source opportunities, raise capital, and manage assets. Gregg focuses on opening up industrial real estate investments to a wider network of investors who traditionally had little access to the sector.
Episode Highlights and Chapters
00:00 - Partnering with specialists and the importance of shared expertise
01:34 - From institutional acquisitions to launching his own firm
04:43 - What it means to be a co-sponsor on industrial deals
06:15 - Why Gregg moved from multifamily and retail into industrial real estate
08:00 - Inside Link Logistics and the explosion of industrial assets
09:53 - Building projects on spec vs. build-to-suit in today’s market
12:23 - How to evaluate industrial opportunities in new markets
14:05 - Why information is gatekept and how to access it
16:18 - Risks of relying on poor brokerage networks
17:58 - Industrial vs. Multifamily: Risk, leases, and rent growth
20:17 - How corporate leases differ from residential leases
21:05 - The risks and benefits of leasing to massive tenants like Amazon
22:27 - Challenges of GSA (government) leases in industrial properties
24:06 - The evolution of lease structures in industrial real estate
25:00 - Why Gregg prefers being on the sponsor side over being an LP
25:47 - His most shocking real estate experience (hint: imitation crab meat)
28:09 - Dealing with flaky sellers and institutional skepticism
28:18 - The #1 mistake real estate investors make
29:24 - Trust, relationships, and lessons from early setbacks
30:54 - How Gregg essentially restarted from scratch and built his firm
31:34 - Building deal flow and partnering with growth-minded sponsors
33:17 - Advice Gregg would give his younger self about perseverance
34:06 - Where to find and connect with Gregg
Contact Information
Connect with Gregg Gruehl on LinkedIn: https://www.linkedin.com/in/gregggruehl/
For more episodes and to connect with the host Eugene Gershman, visit: https://giscompanies.co/podcast/
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